The bear market has shown us that even cryptocurrencies like Bitcoin and Ethereum can crack under pressure. BTC and ETH lost more than 60% of their value at the peak of the bear market.
However, Cardano (ADA) seems to have remained somewhat steady during this bear market and has even seen more adoption. And Cardano is one of the most technologically advanced blockchain networks in the industry.
Crypto expert and Twitter influencer Chris O recently shared a tweet showing Cardano’s impressive performance during this bear market. And the figures were impressive. The tweet showed that Cardano’s DeFi was the fastest-growing in terms of TVL.
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Cardano’s impressive TVL
Cardano’s TVL increased from 265 million ADA in January 2023 to 657 million ADA in June 2023, according to data from a spreadsheet. This was an astonishing 148% growth, exceeding the TVL of any other ecosystem.
In addition, data from DeFi Llama confirms that Cardano has had striking growth. DeFi Llama reports that as of January 1, 2023, Cardano’s TVL was 263.19 million ADA, and as of June 27, 2023, it was around 681.21 million ADA.
TVL also stands for Total Value Locked. It is a metric used to measure the total value of digital assets locked or staked in a particular protocol. Higher TVLs often indicate positive sentiment and adoption of a project.
Cardano’s impressive TVL shows consistent growth in DeFi activity on the network this year. It shows that more traders are using the DeFi apps on the Cardano network. As of this writing, Minswap, a decentralized exchange, is the leading DeFi platform on Cardano.
Let’s look at other metrics that show Cardano’s impressive growth this year.
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Institutional Adoption
Institutional adoption is a healthy measure of a project’s value. And several institutions have adopted Cardano. Chris Tweet also highlighted the increased institutional interest in ADA in addition to Cardano’s TVL growth. He listed a number of investment vehicles in which ADA enjoys a substantial market share.
These investment products include the GDLC and GSCPxE from Grayscale, the Cardano ETP from Wisdom Tree, and the Cardano ETP from 21Shares. A number of organizations, like Bitwise and the recently launched HKVAC, have also expressed interest in Cardano.
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Whale Adoption
Crypto whales are a big determinant of what’s trending. Their buys or sells inspire market trends. And Cardano whales recently revealed that whales have been accumulating ADA. As of early June, about 313 billion ADA tokens had been moved in large transactions. This demonstrates ADA’s massive market activity and Cardano’s outstanding performance.
While the intention of this movement is unclear, we can conclude that Cardano has managed pretty well in this bear market. The growth in TVL shows that the Cardano ecosystem is getting busier by the day.
As of this writing, ADA trades at $0.2925.
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